USDT stablecoin market capitalization surpasses $17 billion

The aggregate value of USDT in circulation has for the first time surpassed $17 billion, according to data on the issuer’s site, Tether.

At the time of writing, this figure stood at more than $17.295 billion.

The total market capitalization of stablecoins stood at $22.795 billion. In second place after USDT is USD Coin (USDC) at $2.892 billion.

According to CoinGecko, USDT’s market capitalization is $17.117 billion. This accounts for 3.76% of the total value of all cryptocurrencies ($456 billion). Over the past three months this figure has risen by more than $6.5 billion. The month-on-month increase was 9.6%.

Source: CoinGecko.

According to the CEO of CryptoQuant Ki Young Ju, the most recent Bitcoin rally, during which the price of the first cryptocurrency приблизилась to $16,000, was preceded by an increase in the number of stablecoin deposits on exchanges.

Again, the $BTC price soared right after the number of stable coin deposits increased.https://t.co/jb4LMjlKUc https://t.co/YDuEs2TDkJ pic.twitter.com/WPAsBKdwI2

— Ki Young Ju 주기영 (@ki_young_ju) November 6, 2020

Earlier in the third quarter, New York-based Signature Bank, whose clients include cryptocurrency companies, naрастил the volume of deposits by $4.11 billion. A quarter of this sum went to organisations dealing with digital currencies, including stablecoin issuers.

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